Are FX Swaps Ready for Blockchain Settlement?

Profit & Loss recently reported on a new venture designed to settle FX swaps via blockchain-based technology. Galen Stops takes a closer look at the genesis and the mechanics of this solution. Having worked in liquidity management at Bank of Ireland and then UBS, Brian Nolan observed firsthand how the regulatory expectations around intraday liquidity […]
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Report Envisages Erosion of USD Global Reserve Status

A new report from Vontobel and Eurasia Group suggests that there could be an erosion of the US dollar’s reserve currency status as geopolitical tensions between America and China continue. The paper, titled The Next Digital Superpower: Scenarios for the US-China conflict and implications for the global economy, argues that the current US-China trade war […]
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And Finally…

I’ll keep this short as it’s a public holiday in my domicile, so I will just ask the question, how worried should the FX industry be about ESMA’s pondering over including spot FX in its Market Abuse Regulation? Obviously the question has been raised with the European regulator thanks to the ongoing headlines around the […]
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The Great Migration

The past few years have seen a significant number of senior figures from the FX market transition into the digital asset space. Galen Stops talks to a few of them about where they see the parallels, differences and possible convergences between the two markets. Galen Stops, editor of Profit & Loss: Where do you see […]
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And Another Thing…

It’s been quite a week for me thanks to my digital life being turned upside down (I have never had to deal with so many help desks at one time) and the passing of the founder of my favourite restaurants in London, Dick Barfoot of Sweetings. So with a “vale” to Dick and a gesture […]
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Time to Get Creative?

Does FX still have the ability to innovate the way that it did 20 years ago? Galen Stops finds the industry divided on this important question. When Profit & Loss launched 20 years ago, the FX market looked very different than it does today. Much of the industry was still trading via voice channels, pricing […]
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FX: A Relationship Business

Mike Harris, President of Campbell & Company, talks about the changing dynamics of trading relationships over the past 20 years and why he’s still bullish on FX as an asset class. Profit & Loss: When you think back to 1999, what was the biggest difference between FX trading then and now? Mike Harris: The biggest […]
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The 20 for 20 Countdown – Part Four

It’s been a busy 20 years since Profit & Loss launched. Colin Lambert and Galen Stops have picked out 20 key events or trends during that time and asked senior industry figures for their perspective on them – here’s numbers 5-1. 5. Chatrooms It seems incredible that it is now over six years since word […]
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And Finally…

I am wondering how long it will take for the global authorities to work out that their regulatory regime has made conditions in financial markets worse – someone told me once there is nothing more dangerous that ill-thought our regulation and I think we might be seeing that play out in markets. We have been […]
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FXPB: It’s Been a Bumpy Road

Galen Stops charts the ups and downs of FX prime brokerage over the past 20 years and looks at how this segment of the market might be ripe for innovation going forward. Ask anyone who has been around in the FX market for the past 20 years to list the key developments that have shaped […]
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